HRA RES 1996-18 - 00001101HRA RESOLUTION N0. 18 - 1996
A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF LOAN
DOCUMENTS BY AND BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF FRIDLEY AND THE
FAMILY HOUSING FUND OF MINNEAPOLIS AND
SAINT PAUL
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority"), as follows:
Section l. RPritals_
1.01. It has been proposed that the Authority execute and deliver:
a.Construction Loan Agreement
b.Promissory Note
c.Combination Mortgage, Security Agreement, and Fixture Financing
Statement
d.Assignment of Rents and Leases
e.Funding Agreement
f.Any other document or agreement necessary to evidence and implement
the transaction with the Lender
(the "Loan Documents") with the Family Housing Fund of Minneapolis and
Saint Paul (the "Lender").
Section 2. Findings_
2.01. The Authority hereby finds that it has been approved and adopted a
development program known as the Modified Redevelopment Plan for its
Redevelopment Project No. 1(the "Redevelopment Program" pursuant to
MinnPSOta StatutPS, Section 469.001 �t_s_eC�.
2.02. The Authority hereby finds that the Loan Documents promote the
objectives as outlined in its Redevelopment Program.
Section 3. Authori�ation for FxPrution and �PlivPr�_
3.01. The Chairman and the Executive Director of the Authority are hereby
authorized to execute and deliver the Loan Documents.
Page 2-- HRA Resolution No. 18 - 1996
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF FRIDLEY THIS 12TH DAY OF SEPTEMBER, 1996.
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR